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Are You Smarter Than a 5th Grader?Are You Smarter
Than a 5th Grader?
Are You Smarter Than a 5thGrader?
Are You Smarter Than a 5thGrader?
15 Total Points
Basic EconomicsBasic Economics Economic Vocabulary
Economic Questions Economic Questions Factors of Production
Opportunity CostOpportunity Cost PPC
Economic SystemsEconomic Systems “The Invisible Hand”
Trade-OffsTrade-Offs Circular Flow Model
ReturnReturnBasic EconomicsBasic Economics
Round #1
Basic Economics Basic Economics
____ Economics is the study of:a. financial socioeconomics b. industrial wastec. scarcityd. neurological consumerism
____ Economics is the study of:a. financial socioeconomics b. industrial wastec. scarcityd. neurological consumerism
ReturnReturnAnswer: C. ScarcityAnswer: C. Scarcity
Basic Economics #2Basic Economics #2 What information is needed to make a
decision at the margin?
a. opportunity costs
b. cost to produce each unit
c. more than three alternatives
d. factors of production
What information is needed to make a decision at the margin?
a. opportunity costs
b. cost to produce each unit
c. more than three alternatives
d. factors of production
ReturnReturnAnswer: b. Cost to produce each unit Answer: b. Cost to produce each unit
ReturnReturnEconomic QuestionsEconomic Questions
Round #2
Economic Questions Economic Questions
The three basic questions every society must answer in dealing with scarcity are: _______, ______, and for _____To produce.
The three basic questions every society must answer in dealing with scarcity are: _______, ______, and for _____To produce.
ReturnReturnAnswer: What, how, and for whom?Answer: What, how, and for whom?
Economic Questions #2Economic Questions #2How does a society determine who will get what is produced?
a. by its distribution of income
b. by factor payment amounts
c. by its needs and wants
d. by economic equity
How does a society determine who will get what is produced?
a. by its distribution of income
b. by factor payment amounts
c. by its needs and wants
d. by economic equity
ReturnReturnAnswer: C. By its needs and wants Answer: C. By its needs and wants
ReturnReturnOpportunity CostOpportunity Cost
Round #3
Opportunity CostOpportunity Cost
By choosing to come to school this morning instead of sleeping in, what was the opportunity cost of this decision?
By choosing to come to school this morning instead of sleeping in, what was the opportunity cost of this decision?
ReturnReturnAnswer: Sleeping inAnswer: Sleeping in
Opportunity Cost #2Opportunity Cost #2 The two choices that someone
must ultimately pick one of the two of these options is called the:
A. Decision set B. Opportunity Cost C. Opportunity Lost D. Opportunity set
The two choices that someone must ultimately pick one of the two of these options is called the:
A. Decision set B. Opportunity Cost C. Opportunity Lost D. Opportunity set
ReturnReturnAnswer: d. Opportunity SetAnswer: d. Opportunity Set
ReturnReturnEconomic SystemsEconomic Systems
Round #4
Economic SystemsEconomic Systems
In which economy does the government have ALL the authority?
In which economy does the government have ALL the authority?
ReturnReturnAnswer: Command EconomyAnswer: Command Economy
Economic Systems #2Economic Systems #2Which of the following is a market economy?
a. Cuba
b. United States
c. The Sioux Nation (1850)
d. The Inuit
Which of the following is a market economy?
a. Cuba
b. United States
c. The Sioux Nation (1850)
d. The Inuit
ReturnReturnAnswer: b. United StatesAnswer: b. United States
Economic Systems #3Economic Systems #3Which of the following is a traditional economy?
a. Canada
b. France
c. The Inuit
d. United States
ReturnReturnAnswer: The Inuit Answer: The Inuit
ReturnReturnTrade-OffsTrade-Offs
Round #5
Trade-OffsTrade-Offs
Why does every decision involve trade-offs?a. Everyone has to make decisions.b. Incomes are not equal.c. Resources are limited.d. Decisions are all different.
Why does every decision involve trade-offs?a. Everyone has to make decisions.b. Incomes are not equal.c. Resources are limited.d. Decisions are all different.
ReturnReturnAnswer: C. Resources are limitedAnswer: C. Resources are limited
ReturnReturnEconomic VocabularyEconomic Vocabulary
Round #6
Economic VocabularyEconomic Vocabulary
An economy that is producing the maximum amount of goods and services is considered:a. underutilizedb. unemployedc. In financial troubled. efficient
An economy that is producing the maximum amount of goods and services is considered:a. underutilizedb. unemployedc. In financial troubled. efficient
ReturnReturnAnswer: D. EfficientAnswer: D. Efficient
ReturnReturnFactors of ProductionFactors of Production
Round #7
Factors of ProductionFactors of Production
Name the four factors of production: Name the four factors of production:
ReturnReturnAnswer: Land, Labor, Capital
and EntrepreneurAnswer: Land, Labor, Capital
and Entrepreneur
ReturnReturnPPCPPC
Round #8
Production Possibilities (PPC)
Production Possibilities (PPC)
A point on a production possibility curve below the frontier indicates:
a. future possibilities b. efficiency c. underutilization d. peak performance
A point on a production possibility curve below the frontier indicates:
a. future possibilities b. efficiency c. underutilization d. peak performance
ReturnReturnAnswer: C. UnderutilizationAnswer: C. Underutilization
ReturnReturn“The Invisible Hand”“The Invisible Hand”
Round #9
Production Possibilities (PPC)
Production Possibilities (PPC)
Who Coined the term “The Invisible Hand”?
Who Coined the term “The Invisible Hand”?
ReturnReturnAnswer: Adam Smith Answer: Adam Smith
ReturnReturnCircular Flow ModelCircular Flow Model
Round #10
Circular Flow ModelCircular Flow Model
Money flows from firms to households in the form of __________ .
Money flows from firms to households in the form of __________ .
ReturnReturnAnswer: Wages Answer: Wages
ReturnReturnFree is a very good price!Free is a very good price!
Tie Breaker Question
Free is a very good price!Free is a very good price!Tie breaker Rules: First person from a team to raise hand will be called on……
What does TINSTAAFL stand for?
Tie breaker Rules: First person from a team to raise hand will be called on……
What does TINSTAAFL stand for?
ReturnReturnAnswer: There is no such thing
as a free lunch! Answer: There is no such thing
as a free lunch!
Study for your Unit One Assessment!
You can use a 3x5 note card for notes on the test (front and back)
Thanks For playing…..
